California

One out of every 250 homes in California is facing foreclosure, the third highest rate in the nation behind Nevada and Florida, according to RealtyTrac Inc.

Since we are on the numbers track, one out of every 52 adults in California holdsa real estate license. That is over 4 foreclosures per real estate licensee.

Orange County Meltdown

economists from the UCLA Anderson School of Management said on Monday to expect a sluggish national economy in 2008 and California’s job growth will be less than 1% through the third quarter of next year, and less than 2% through the end of 2009. Unemployment is expected to peak at 6% by the end of 2008.

Expect to see home prices fall by nearly 15%, and for sales to remain slow until at least 2009. On the upside, defaults could show signs of slowing later next year.